July 17, 2025 – CenterSquare’s Private Real Estate Debt team recently provided preferred equity subordinate to a newly originated Freddie Mac senior loan for a Class A, 25-story high rise tower in the highly desirable and affluent Rittenhouse Square neighborhood of Philadelphia, PA. The Property’s location is considered “main and main” due to its proximity to Rittenhouse Square and Philadelphia’s CBD.
The 206-unit Property, with a majority 1-bed/1-bath and 2-bed/2-bath units, features quartz countertops, stacked washer/dryers, stainless steel appliances, glass-tile backsplashes, white cabinetry, walk-in closets, and keyless entry. Building amenities include a roof top terrace, fitness center, media room, business center, grocery and package services, and 125-space parking garage. The property also features 23k sf of ground floor high street retail, which is currently 100% leased.
The Sponsor is a joint venture between two multifamily operators with experience in the Philadelphia region as well as other geographies. Despite expanded inventory in the area in recent years, the Property has seen strong demand with occupancy averaging above 94%. The Sponsor plans to continue to own and operate the Property for the foreseeable future.
